Prepare summary journal entries to record the following transactions for a company in its first month of operations. a. Raw materials purchased on account, $118,000. b. Direct materials used in production, $46,500. Indirect materials used in production, $20,800. c. Paid cash for factory payroll, $60,000. Of this total $43,000 is for direct labor and $17,000 is for indirect labor. d. Paid cash for other actual overhead costs, $9,375. e. Applied overhead at the rate of 125% of direct labor cost. f. Transferred cost of jobs completed to finished goods, $91,000. 91. Jobs that had a cost of $91,000 were sold. 92. Sold jobs on account for $130,000